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£100m property fund for Travelodge
Droitwich operator
Budget operator unveils large development fund to benefit from weak market
enters receivership
The Impney Group, the By Tom Walker
Droitwich-based operator of two
Worcestershire hotel and Budget hotel chain Travelodge
conference centres, has been has affirmed plans to further
placed into administrative expand its UK portfolio after
receivership after running into announcing the launch of a
financial difficulties. Both the new £100m development fund
Chateau Impney and the Raven in partnership with Twenty10
Hotel are expected to continue Fund Management.
trading as normal after the The new fund – the second
appointment of Kim Rayment and unveiled by Travelodge in a
Toby Underwood from business year – is designed to allow the
restructuring firm BDO as joint development of five hotels in
receivers of the company. London and other major UK The fund is the second such initiative in the past six months
A business review has been cities each year, which will then
carried out, resulting in the loss be leased to the chain on 25-35 The fund will be led by Harvey, said: "This fund will
of 45 jobs at the Impney Group. year deals. Twenty20 chair Christopher ensure that we keep our foot
It is expected that the fund Stainforth, and will be financed firmly on the accelerator pedal
East Anglian hotel firm
will aim to develop new hotels using £50m of equity and in our UK growth drive."
enters administration
as both standalone sites and as £50m of bank debt. Travelodge In June 2009, Travelodge
Elizabeth Hotels, the Ipswich- part of mixed-use schemes, will contribute £500,000 established a £100m joint
based operator of pubs and hotels enabling Travelodge to expand towards the fund. venture with Meghraj Proper-
across the East Anglian region, its presence in city centres Travelodge's managing ties in a bid to capitalise on the
has been placed into across Britain. director of development, Paul weak property market.
administration. On 8 December,
Allan Graham and Jane Moriarty
Hoteliers facing
of KPMG were appointed as joint
Whitbread buoyed by Q3 figures
administrators of the Elizabeth
tough times
Estates, Elizabeth Hotels and UK hotel operators
Cavendish Hotels businesses, continued to encounter
which include 14 mid-range tough trading conditions
hotels and 13 pubs. A further in the run up to the
four hotels operated by the Christmas period,
companies will continue to trade according to preliminary
as normal outside of the figures for October and
administration. November released by
PKF Hotel Consultancy
Transaction volume
Services.
to increase in 2010
London hoteliers Costa Coffee was among the top performers for Whitbread
Global hotel transaction volume reported a 1.6 per cent
will increase by 20 to 40 per cent decrease in average room By Tom Walker increase in total sales. Like-for-
in 2010, it has been predicted. rate during the two- like sales at Costa Coffee were
Jones Lang LaSalle Hotels’ Hotel month period, compared UK hotel and restaurant also up by 6.7 per cent.
Investment Outlook 2010 report with 2008 figures. operator Whitbread expects its Total sales for the 39 weeks
forecasts that as a number of Regional hotel operators full-year results to beat market to 26 November 2009 grew by
hotel markets reach their bottom, too are facing difficult estimates after posting a 6.7 4.3 per cent, which led chief
worldwide transaction levels conditions, having per cent increase in total sales executive officer Alan Parker to
will increase to US$11-13bn. reported decreases in for the third quarter, compared predict the group will "some-
Arthur de Haast, global CEO of average room rate (7.8 with the same period last year. what exceed the top end of
Jones Lang LaSalle Hotels, said: per cent), occupancy (3.5 During the third quarter of market estimates".
“Across the world, the trading of per cent) and rooms yield 2009-10, coffee shop chain Parker said: "Our expansion
single hotel assets, mostly (11.1 per cent), compared Costa Coffee continued to programme has made further
valued at up to US$100m, will with November last year. perform strongly after progress in both Premier Inn
initiate the recovery." reporting a 20.7 per cent and pub restaurants."
8 Read Leisure Opportunities online www.leisureopportunities.com/digital © Cybertrek 2010
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